2.Which of the following costs is both a prime cost and a conversion cost? direct materials...
2.Which of the following costs is both a prime cost and a conversion cost?
direct materials
direct labor
manufacturing overhead
administrative costs
Homework Answers
Answer: Direct Labor
Prime Cost includes the direct labor and direct Material
Prime cost = Direct labor + Direct Material
Conversion Cost = Direct Labor + Manufactruing overhead
Direct labor is the cost included in both prime cost and the conversion cost
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2.Which of the following costs is both a prime cost and a
conversion cost?
direct materials...
1. Which of the following costs are conversion costs? a. direct materials cost and factory overhead...
1. Which of the following costs are conversion costs? a. direct materials cost and factory overhead cost b. direct labor cost and factory overhead cost c. factory overhead cost d. direct materials cost and direct labor cost 2. Given the following data: Work in process, beginning $14,000 Work in process, ending 20,000 Direct labor costs 4,000 Cost of goods manufactured 8,000 Factory overhead 8,000 Direct materials used is a. $2,000 b. $4,000 c. $14,000 d. $8,000 3. Prime...
Exercise 4 (Classification of costs, prime and conversion costs) Tanaka Metal Products reports the following components...
Exercise 4 (Classification of costs, prime and conversion costs) Tanaka Metal Products reports the following components in its manufacturing costs for April 20X1 (in thousands): Direct costs: P430 Direct materials Direct manufacturing labor salaries Subcontracting 110 120 P 660 Manufacturing overhead: Fringe benefits on direct manufacturing labor Production setup Other manufacturing overhead 40 60 340 P1,000 240 Subcontracting costs are treated as a direct-cost item separate from direct materials. Required 1. Compute (a) the prime costs and (b) the conversion...
2. Direct Labor Costs + Manufacturing Overhead: a. Conversion Cost b. Prime Cost c. Manufacturing Overhead...
2. Direct Labor Costs + Manufacturing Overhead: a. Conversion Cost b. Prime Cost c. Manufacturing Overhead d. Work in Process
Which of the following costs would be included in the conversion costs for a cost of...
Which of the following costs would be included in the conversion costs for a cost of production report? A. Direct Labor and Manufacturing Overhead B. Direct Materials, Direct Labor, and Manufacturing Overhead C. Direct Materials D. Manufacturing overhead E. Direct Labor
A company’s prime costs total $5,500,000 and its conversion costs total $9,500,000. If direct materials are...
A company’s prime costs total $5,500,000 and its conversion costs total $9,500,000. If direct materials are $2,500,000 and factory overhead is $6,250,000, then direct labor is:
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
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Job 31 has a direct materials cost of $230 and a total manufacturing cost of $620. Overhead is applied to jobs at a rate of 200 percent of direct labor cost. Use the relationships among total manufacturing costs, conversion cost, and prime cost to determine the following costs for job 31: 1. Conversion Cost= 2. Direct Labor Cost= 3. Manufacturing Overhead Cost= 4. Prime Cost=
Problem 1: Calculate the conversion costs and prime costs from the following information: Fixed manufacturing overhead...
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Pinnacle Manufacturing manufactures custom wheel covers. Identify each of the preceding costs as either a prime...
Pinnacle Manufacturing manufactures custom wheel covers. Identify each of the preceding costs as either a prime cost period cost or conversion cost. If the cost is a prime cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH). (Select "Both Prime and Conversion Costs" if both of the categories apply for a particular item.) Product Costs Prime/Conversion/Period cost MOH DM MOH MOH Period Cost Conversion Cost Prime Cost Conversion Cost Conversion Cost Administrative Salaries...
Prime cost comprises the following combination of costs: explain Direct materials and factory overhead Direct labor...
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Exercise 4 (Classification of costs, prime and conversion costs) Tanaka Metal Products reports the following components in its manufacturing costs for April 20X1 (in thousands): Direct costs: P430 Direct materials Direct manufacturing labor salaries Subcontracting 110 120 P 660 Manufacturing overhead: Fringe benefits on direct manufacturing labor Production setup Other manufacturing overhead 40 60 340 P1,000 240 Subcontracting costs are treated as a direct-cost item separate from direct materials. Required 1. Compute (a) the prime costs and (b) the conversion...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
Problem 1: Calculate the conversion costs and prime costs from the following information: Fixed manufacturing overhead $ 5,000 Variable manufacturing overhead 1,000 Direct materials 3,500 Direct labor 1,500 CEO salary 10,000
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